UBS Asset Management has reorganized three of its divisions into one, said an internal memo obtained by Pensions & Investments.
Effective Jan. 1, UBS Asset Management will combine its equities, multiasset and hedge funds capabilities into a single unit to be led by Dawn Fitzpatrick.
Ms. Fitzpatrick is chief investment officer and head of UBS O'Connor, the firm's $5.7 billion single- and multistrategy hedge funds business.
“Across the industry, we are beginning to see the convergence of hedge funds, long-only active and multiasset investing,” said Ulrich Koerner, president of UBS Asset Management in the memo. “In order to capture the opportunities and better leverage our strengths across traditional and long/short products, we will bring together our equities, multiasset and O'Connor capabilities.”
Ms. Fitzpatrick will continue to serve as head of O'Connor, while Kevin G. Russell will join the firm on Jan. 1, replacing Ms. Fitzpatrick as CIO, as previously reported by P&I.
Ms. Fitzpatrick will report to Mr. Koerner.